Jun. 17, 2010 (TheNewswire.ca) --
Great Bear Resources Ltd. ("Great Bear")(CNSX:GBR) is pleased to announce it has commenced drilling at the BA project in the Eskay Creek mining district near Stewart, northern British Columbia. More than 17,000 metres of diamond drilling are planned, targeted at expanding the Main Zone massive sulphide discovery in all directions and testing new VMS targets in the project area.
The mid-June start date represents an earlier beginning to the field season than has previously been anticipated. Drilling services are being provided by MoreCore Diamond Drilling Services Ltd. based out of Stewart, British Columbia.
Extensive prospecting and geological mapping is also underway, in addition to a more than 200 square kilometre airborne VTEM geophysical survey. Prospecting, mapping and geophysical surveying all aim to identify additional silver-rich VMS mineralization targets beyond the Main Zone mineralization. A second silver rich massive sulphide discovery has been identified and confirmed by historical sampling 4 kilometers east of the Main Zone.
The BA Project
As previously announced, Great Bear has entered into an Option and Joint Venture Agreement with Mountain Boy Minerals Ltd. (TSXV:MTB) (TSXV- MTB) to earn a 50% interest in the BA project by spending $5.5 M over four years, and can earn an additional 20% interest, for a total of 70%, by completing a Bankable Feasibility Study on or before December 31, 2015. Great Bear has also entered into an Option Agreement with Pinnacle Mines Ltd. (TSXV:PNL) ("Pinnacle")(TSXV: PCL) for the 100% acquisition of Pinnacle's Surprise Creek claims located immediately north of the BA project. In order to acquire the claims, the Company must pay $150,000 and issue 700,000 common shares by May 25th, 2012.
The BA Project hosts a silver rich volcanogenic massive sulphide (VMS) system that has been drill confirmed for 600 meters of mineralized strike and down dip for 300 meters. The discovery is open for expansion in all directions. 62 of 90 drill holes into the Main Zone at BA have returned in excess of 2 oz silver over drill indicated widths of 3 to 134 metres with significant associated lead - zinc mineralization.
Mr. Chris Taylor, M.Sc. P.Geo, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of this news release.
For further information please contact Mr. Archie Nesbitt, President or Mr. Chris Taylor, P.Geo., Vice President Exploration at 604-681-0037.
ON BEHALF OF THE BOARD Investor Relations
Robert Orr
Tel: 604-697-6259
"Archie Nesbitt" ____ ro@greatbearresources.ca
Archie Nesbitt, President and CEO Wani Capital Corp.
Raju Wani
Tel: 403-240-0555
info@greatbearresources.ca
www.greatbearresources.ca
Certain information set forth in this press release, including a discussion of future plans and operations, contains forward looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources, as well as risks inherent in operating in foreign jurisdictions, including varying judicial or administrative guidance on interpreting rules and regulations and a higher degree of discretion on the part of governmental authorities. Actual results, performance or achievements could differ materially from those expressed in or implied by such forward-looking statements.
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